Centerra Gold Inc (CGAU) 2025 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold fourth-quarter 2025 Conference Call. (Operator Instructions) And the conference is being recorded. (Operator Instructions)

感謝您的耐心等待。這是會議接線員。歡迎參加 Centerra Gold 2025 年第四季電話會議。（操作說明）會議正在錄音。（操作說明）

I would now like to turn the conference over to Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications with Centerra Gold.

現在我謹將會議交給 Centerra Gold 的投資人關係和企業傳播副總裁 Lisa Wilkinson。

Please go ahead.

請繼續。

Thank you, operator, and good morning, everyone. Welcome to Centerra Gold's fourth-quarter 2025 results conference call. Joining me on the call today are Paul Tomory, President and Chief Executive Officer; David Hendriks, Chief Operating Officer; and Ryan Snyder, Chief Financial Officer.

謝謝接線員，大家早安。歡迎參加 Centerra Gold 2025 年第四季業績電話會議。今天與我一起參加電話會議的有：總裁兼執行長保羅·托莫里；營運長大衛·亨德里克斯；以及財務長瑞安·斯奈德。

Our news published last night outlines our fourth quarter 2025 results and is complemented by our MD&A and financial statements, which are available on SEDAR, EDGAR, and our website. All figures are in US dollars unless otherwise noted. Presentation slides accompanying this webcast are available on Centerra's website. Following the prepared remarks, we will open the call for questions.

我們昨晚發布的新聞概述了我們 2025 年第四季度的業績，並附有我們的管理層討論與分析以及財務報表，這些文件可在 SEDAR、EDGAR 和我們的網站上查閱。除非另有說明，所有數字均以美元為單位。本次網路直播的簡報可在 Centerra 網站上取得。在發言結束後，我們將開放提問環節。

Before we begin, I would like to remind everyone that today's discussion may include forward-looking statements, which are subject to risks that could cause our actual results to differ from those expressed or implied. For more information, please refer to the cautionary statements in our presentation and the risk factors outlined in our annual information form.

在開始之前，我想提醒大家，今天的討論可能包含前瞻性陳述，這些陳述有風險，可能導致我們的實際結果與明示或暗示的結果有所不同。更多信息，請參閱我們演示文稿中的警示聲明和年度資訊表中列出的風險因素。

We will also be referring to certain non-GAAP measures during today's discussion. For a detailed description of these measures, please see our news release and MD&A issued yesterday.

在今天的討論中，我們也將提及一些非GAAP指標。有關這些措施的詳細說明，請參閱我們昨天發布的新聞稿和管理層討論與分析報告。

I will now turn the call over to Paul Tomory.

現在我將把電話交給保羅·托莫里。

Thanks, Lisa. Good morning, everyone. In the fourth quarter, we achieved strong operational performance at both Mount Milligan and Oksut. Consolidated full year production was over 275,000 ounces of gold and 50 million pounds of copper, surpassing the midpoint of our gold production guidance range. Consolidated all-in sustaining costs on a byproduct basis were $1,614 per ounce, outperforming the low end of our guidance range.

謝謝你，麗莎。各位早安。第四季度，我們在 Mount Milligan 和 Oksut 兩地均取得了強勁的營運表現。全年綜合產量超過 275,000 盎司黃金和 5000 萬磅銅，超過了我們黃金產量指導範圍的中點。以副產品計算的綜合維持成本為每盎司 1,614 美元，超過了我們預期範圍的下限。

We ended the year with a cash balance of $529 million demonstrating our ability to continue investing in the Thompson Creek restart project and our broader organic growth pipeline while returning record capital to shareholders, including $94 million of buybacks and $41 million in dividends for the full year.

我們以 5.29 億美元的現金餘額結束了這一年，這表明我們有能力繼續投資於 Thompson Creek 重啟項目和我們更廣泛的有機增長計劃，同時向股東返還創紀錄的資本，包括 9400 萬美元的股票回購和 4100 萬美元的全年股息。

Looking out to 2026. Our production and cost guidance reflects stable operating performance across the portfolio. We expect our operations to continue to generate strong cash flow in 2026, providing the financial flexibility to advance our growth project pipeline while continuing to return capital to shareholders.

展望2026年。我們的生產和成本預期反映了旗下所有產品組合穩定的營運表現。我們預計公司營運將在 2026 年繼續產生強勁的現金流，為推進成長項目儲備提供財務靈活性，同時繼續向股東返還資本。

Our self-funded growth strategy is being executed across multiple fronts. Last year, we published the Mount Milligan PFS, which extends the mine life by 10 years to 2045. We also commenced development of the Goldfield project in Nevada, which will provide Centerra with additional exposure to future gold production in a top mining jurisdiction.

我們的自籌資金成長策略正在多個方面實施。去年，我們發布了 Mount Milligan 礦場的初步可行性研究報告，該報告將礦場壽命延長了 10 年，至 2045 年。我們還啟動了內華達州 Goldfield 計畫的開發，這將使 Centerra 在頂級礦業管轄區獲得更多參與未來黃金生產的機會。

And in the early part of this year, we announced the results of a preliminary economic assessment for Kemess, along with an updated mineral resource. This is an important step forward in advancing Centerra's organic growth pipeline in British Columbia.

今年年初，我們公佈了凱梅斯礦區初步經濟評估結果以及更新後的礦產資源量。這是 Centerra 在不列顛哥倫比亞省推動有機成長計畫的重要一步。

Each of these growth opportunities, in addition to the Thompson Creek Restart project in Idaho can be funded from our existing liquidity and cash flow generated from operations, positioning Centerra to deliver sustainable, low-risk growth while maintaining our strategic approach to capital allocation.

除了愛達荷州的 Thompson Creek Restart 專案之外，這些成長機會中的每一個都可以利用我們現有的流動資金和營運產生的現金流進行融資，使 Centerra 能夠在保持我們策略性資本配置方法的同時，實現可持續的、低風險的成長。

An updated mineral resource along with the results of the Chem SPA were released in January. The study outlines a derisked restart plan that leverages substantial existing infrastructure and is focused on an integrated development strategy based on a conventional open pit and long-haul open stoping underground mining operation.

1月發布了更新後的礦產資源報告以及化學產品股權融資（Chem SPA）的結果。該研究概述了一個降低風險的重啟計劃，該計劃利用了大量現有基礎設施，並著重於基於傳統露天開採和長途露天採礦地下作業的綜合發展策略。

This approach supports an initial 15-year mine life with an average annual production of 171,000 assets of gold and 61 million pounds of copper at an all-in sustaining cost on a byproduct basis of $971 per ounce. The project has robust economics with an after-tax NPV of $1.1 billion and an IRR of 16% using a long-term pricing of $3,000 per ounce gold and $4.50 per pound copper. The value of Kemess increases to $2.8 billion in metal prices of $4,500 per ounce of gold and $6 per pound of copper.

這種方法支持礦山初始15年的壽命，平均每年生產171,000盎司黃金和6,100萬磅銅，以副產品為基礎的綜合維持成本為每盎司971美元。此專案經濟效益強勁，稅後淨現值為 11 億美元，內部報酬率為 16%（長期價格為每盎司黃金 3,000 美元，每磅銅 4.50 美元）。如果黃金價格為每盎司 4,500 美元，銅價格為每磅 6 美元，那麼 Kemess 的價值將增加到 28 億美元。

Kemess is a high-quality growth project with the potential to contribute meaningful gold and copper production to Centerra's portfolio. We believe that Kemess has a potential to become Centerra's second long-life gold copper asset in British Columbia, located within the highly prospective to Toodoggone District. The updated mineral resource at Kemess contains 3.3 million ounces of gold and 1.1 billion pounds of copper in the indicated category and 3.6 million ounces of gold and 1.2 billion pounds of copper in the inferred category.

Kemess 是一個高品質的成長項目，有潛力為 Centerra 的投資組合貢獻可觀的黃金和銅產量。我們相信，Kemess 礦區位於極具前景的 Toodoggone 礦區內，有潛力成為 Centerra 在不列顛哥倫比亞省的第二個長期金銅礦資產。Kemess 礦產資源更新後顯示，探明類別的礦產資源量為 330 萬盎司黃金和 11 億磅銅，推斷類別的礦產資源量為 360 萬盎司黃金和 12 億磅銅。

The expanded resource estimate reflects a thorough and disciplined evaluation of all available geological data across the site, including additional drilling and technical work in the nugget zone and the historical comes South deposit. The PEA only evaluates the Kemess Main and Kemess underground areas, which represents approximately 47% of the total indicated and inferred resource tonnes, highlighting the potential for additional resources to be incorporated future technical studies. The updated mineral resource Kemess enhances the project's overall scale and support its long-term production profile.

擴展後的資源估算反映了對整個礦區所有可用地質數據的徹底和嚴謹的評估，包括在金塊區和歷史悠久的南方礦床進行的額外鑽探和技術工作。初步經濟評估僅評估了凱梅斯主礦區和凱梅斯地下礦區，約佔已探明和推斷資源總量的 47%，凸顯了未來技術研究中納入更多資源的可能性。更新後的礦產資源 Kemess 提升了該項目的整體規模，並支持其長期生產計劃。

Moving to the Kemess capital profile. It is structured to reflect the project's phase development sequence with open pit mining starting first and underground production added shortly thereafter. Approximately $770 million in initial nonsustaining capital is required to achieve first production from the open pit. This includes capital stripping, construction of the underground conveyor system from Kemess plant and the refurbishment of the process plant.

接下來是凱梅斯資本概況。其結構反映了專案的階段性開發順序，首先進行露天採礦，隨後不久再進行地下生產。要實現露天礦場的首次生產，大約需要 7.7 億美元的初始非持續性資本。這包括資本剝離、從凱梅斯工廠建造地下輸送系統以及對製程裝置進行翻新。

An additional $277 million in expansionary nonsustaining capital will be invested over the two years following open pit start-up to support the commencement of underground operation. This includes underground development and the construction of a leach plant, which is expected to both improve overall gold recovery by approximately 14% and provide valuable optionality, by enabling the processing of ore from potential satellite deposits in the future.

在露天礦投產後的兩年內，還將額外投入 2.77 億美元的擴張性非持續性資本，以支持地下礦的開工營運。這包括地下開發和浸出廠的建設，預計將使黃金整體回收率提高約 14%，並透過在未來處理來自潛在衛星礦床的礦石，提供有價值的選擇。

Kemess represents a compelling growth opportunity for Centerra, supported by strong economics and a significant upside exploration potential in the deep Kemess offset zone along the Kemess East trend. We are now focused on ongoing exploration and are advancing technical work on a prefeasibility study expected in 2027.

Kemess 代表著 Centerra 極具吸引力的成長機會，這得益於其強勁的經濟效益以及 Kemess East 走向深處 Kemess 偏移帶的巨大勘探潛力。我們現在專注於持續勘探，並正在推進預計 2027 年進行的預可行性研究的技術工作。

Now. I'd like to provide an update on our sustainability initiatives. In January, we successfully received all of the part permits to allow for the continuation of Mount Milligan's operations through 2035. These approvals also include a 10% increase in plant throughput beginning in 2028 as well as expanded stockpile capacity to enhance operational flexibility.

現在。我想向大家報告我們的永續發展舉措的最新進展。今年一月，我們成功獲得了所有必要的許可證，使得 Mount Milligan 的營運能夠持續到 2035 年。這些批准還包括從 2028 年開始將工廠產能提高 10%，以及擴大庫存能力以增強營運靈活性。

Importantly, this expedited permitting process was a result of Mount Milligan being selected by the province of British Columbia as one of four eligible mining projects back in 2025. The receipt of these amendments in less than one year reflects both the strength of our engagement with regulators and the province's commitment to supporting responsible economic development.

重要的是，這個快速審批流程是由於不列顛哥倫比亞省在 2025 年將米利根山選為四個符合條件的採礦項目之一。這些修正案在不到一年的時間內獲得通過，既體現了我們與監管機構密切合作的力度，也體現了該省對支持負責任的經濟發展的承諾。

At Oksut, our commitment to strong social performance continues to receive external recognition. In 2025, Oksut received nine awards from four leading international organizations, recognizing our efforts in social responsibility. These awards reflect initiatives focused on empowering local female entrepreneurs, supporting youth education, strengthening environmental stewardship, and contributing to broader community development. Through initiatives like these, we continue to strive to create lasting positive impact.

在奧克蘇特，我們對卓越社會績效的承諾持續獲得外界認可。2025 年，Oksut 獲得了來自四個國際領先組織的九個獎項，以表彰我們在社會責任方面所做的努力。這些獎項體現了旨在賦能當地女性企業家、支持青年教育、加強環境保護和促進更廣泛的社區發展的各項措施。透過此類舉措，我們將繼續努力創造持久的正面影響。

And with that, I'll pass the call over to David to walk through our operational performance for the quarter and the year.

接下來，我將把電話交給大衛，讓他來介紹我們本季和本年度的營運表現。

Thanks, Paul. Slide 9 shows operating highlights at Mount Milligan for the fourth quarter. Mount Milligan produced over 44,000 ounces of gold and 13 million pounds of copper in the fourth quarter. Full year 2025 gold and copper production was over 147,000 ounces, and 50 million pounds, respectively, which was in line with the recently published PFS mine plan. In 2026, Mount Milligan gold production is expected to be 140,000 to 155,000 ounces, and copper production is expected to be 50 million to 60 million pounds.

謝謝你，保羅。第 9 張幻燈片展示了 Mount Milligan 第四季度的營運亮點。第四季度，米利根山礦生產了超過 44,000 盎司黃金和 1,300 萬磅銅。2025 年全年黃金和銅產量分別超過 147,000 盎司和 5000 萬磅，這與最近公佈的 PFS 礦山計劃相符。預計到 2026 年，米利根山金礦的黃金產量將達到 14 萬至 15.5 萬盎司，銅產量將達到 5,000 萬至 6,000 萬磅。

Operating metrics, including gold and copper grades and recoveries are expected to be in line with the recently announced PFS mine plan. Gold production and sales are expected to be lower in the first quarter and higher in the second and third quarters of 2026, reflecting the planned mine sequencing. Copper production and sales are expected to be evenly weighted throughout 2026.

營運指標，包括金和銅的品位和回收率，預計將與最近公佈的 PFS 礦山計劃保持一致。預計 2026 年第一季黃金產量和銷售量將下降，第二季和第三季將上升，這反映了計畫中的礦場開採順序。預計2026年全年銅的產量和銷售量將保持均衡。

In the fourth quarter, all-in sustaining costs on a byproduct basis were $913 per ounce, 38% lower quarter over quarter due to higher ounces produced and sold. Full year ASIC on a by-product basis was $1,194 per ounce below the guidance range. We expect ASIC on a by-product basis in 2026 and to be between $1,200 and $1,300 per ounce.

第四季度，副產品維持成本總計為每盎司 913 美元，由於產量和銷售量增加，季減 38%。以副產品計算，全年ASIC價格比預期範圍低1194美元/盎司。我們預計 ASIC 將在 2026 年作為副產品上市，價格將在每盎司 1200 美元至 1300 美元之間。

Slide 10 shows the quarterly operating highlights at Oksut. Fourth quarter production was over 26,500 ounces of gold. As part of planned mine sequencing, heap leach tonnes stacked in the quarter were lower as mining activity focused on waste stripping in the Keltepe Pit to open new ore zones in line with the 2026 mine plan. Oksut delivered full year 2025 production above the top end of the guidance range, producing over 127,000 ounces of gold during the year.

第 10 張幻燈片展示了 Oksut 的季度營運亮點。第四季黃金產量超過26500盎司。作為計劃中的礦山開採順序的一部分，本季度堆浸噸數較低，因為採礦活動集中在 Keltepe 礦坑的廢料剝離，以按照 2026 年礦山計劃開闢新的礦區。Oksut 2025 年全年產量超過預期範圍的上限，當年黃金產量超過 127,000 盎司。

In 2026, gold production at Oksut is expected to be 110,000 to 125,000 ounces. Gold production and sales are expected to be evenly weighted throughout 2026. In the fourth quarter, ASIC on a by-product basis was $1,748 per ounce, higher compared to last quarter due to lower gold ounces sold, higher sustaining CapEx, and higher royalty expense as a result of elevated gold prices. Full year 2025 ASIC on a by-product basis was $1,613 per ounce, outperforming the guidance range.

預計到 2026 年，奧克蘇特金礦的黃金產量將達到 11 萬至 12.5 萬盎司。預計2026年全年黃金產量和銷售量將保持均衡。第四季度，ASIC（以副產品計算）為每盎司 1,748 美元，高於上一季度，原因是黃金銷量下降、維護性資本支出增加以及金價上漲導致特許權使用費支出增加。2025 年全年 ASIC 副產品價格為每盎司 1,613 美元，超過了預期範圍。

2026 all-in sustaining costs on a by-product basis are expected to be $1,850 to $1,950 per ounce, higher year over year primarily due to increased royalty rates from elevated gold prices and the impact of inflation in Turkiye, which is not fully offset by the devaluation of the lira. The royalty is expected to account for approximately $650 to $750 per ounce of gold production costs in 2026. The impact of these factors is partially offset by lower sustaining CapEx.

預計 2026 年副產品維持成本總計為每盎司 1,850 至 1,950 美元，逐年增加，主要原因是金價上漲導致特許權使用費率增加，以及土耳其通貨膨脹的影響，而里拉貶值並不能完全抵消通貨膨脹的影響。預計到 2026 年，特許權使用費將佔每盎司黃金生產成本的約 650 至 750 美元。這些因素的影響部分被較低的維持性資本支出所抵銷。

We continue to progress work on a life of mine optimization study at Oksut to evaluate the asset's full potential, including the incremental production potential of residual leaching of the heap and the inclusion of low-grade oxide mineralization outside of the current reserve pit into the mine plan.

我們正在繼續推進奧克蘇特礦山壽命週期優化研究工作，以評估該礦山的全部潛力，包括堆浸殘餘礦的增量生產潛力以及將當前礦坑外的低品位氧化礦化納入礦山計劃。

The study will explore options to extend gold recovery from existing heap leach pads through improved solution management, which will enhance residual metal extraction efficiency. The study remains on track to be completed by the end of 2026.

該研究將探索透過改進溶液管理來擴大現有堆浸墊黃金回收率的方案，從而提高殘餘金屬的萃取效率。該研究仍按計劃進行，預計將於 2026 年底完成。

The restart of Thompson Creek is advancing with approximately 27% of the infrastructure refurbishment complete. Nonsustaining CapEx in the fourth quarter and full year 2025 was $51 million and $134 million, respectively, which was in line with our guidance range. Since the September 2024 restart decision, capital expenditures have totaled $164 million.

湯普森溪的重啟工程正在推進，基礎設施翻新工程已完成約 27%。2025 年第四季和全年非持續性資本支出分別為 5,100 萬美元和 1.34 億美元，與我們的預期範圍一致。自 2024 年 9 月重啟決定以來，資本支出總額已達 1.64 億美元。

Reflecting modest inflationary impacts since the 2024 feasibility study cost baseline, along with additional maintenance requirements for certain mining equipment and refinance to the mine plan, we have increased the project's total capital estimate by about 5% to 10%, from $397 million to between $425 million and $450 million.

考慮到自 2024 年可行性研究成本基準以來適度的通貨膨脹影響，以及某些採礦設備的額外維護需求和礦山計劃的再融資，我們將該項目的總資本估算增加了約 5% 至 10%，從 3.97 億美元增加到 4.25 億美元至 4.5 億美元之間。

The updated estimate also includes the pull forward of select activities including the tailings dam to buttress to further derisk execution and support the overall project schedule. The project remains on track for production in mid-2027.

更新後的估算還包括提前實施部分活動，例如尾礦壩的建設，以進一步降低執行風險並支持整體專案進度。該項目仍按計劃進行，預計 2027 年年中投產。

On January 29, we suspended operations at our Langeloth metallurgical facility near Pittsburgh following an explosion. No fatalities, serious injuries, or significant environmental releases were reported. The safety and well-being of our employees, contractors. and the surrounding community remain our top priority.

1月29日，由於爆炸，我們位於匹茲堡附近的蘭格洛斯冶金廠暫停了營運。沒有人員死亡、重傷或重大環境洩漏的報告。員工、承包商和周邊社區的安全和福祉仍然是我們的首要任務。

We are conducting a thorough investigation to determine the root cause of the incident and that process remains ongoing.

我們正在進行徹底調查，以確定事件的根本原因，調查仍在進行中。

Operations at Langeloth remain temporarily suspended. The site team is cooperating with regulatory authorities, advancing repair activities, and planning for a safe restart, with full operations expected to resume by May 2026. The impact was contained to an area of the site near the acid plant. Repairs are expected to cost approximately $5 million to $10 million.

蘭格洛斯油田的營運仍暫時中止。現場團隊正與監管機構合作，推動維修工作，並規劃安全重啟，預計 2026 年 5 月全面恢復營運。影響範圍僅限於酸廠附近的場地區域。預計維修費用約500萬至1000萬美元。

As a result of the temporary suspension, working capital is expected to increase in the first quarter of 2026, as inventories build during the shutdown period. We continue to assess the full operational and financial impacts of this incident and will provide 2026 operating guidance for Langeloth at a later date.

由於暫時停產，預計 2026 年第一季營運資金將會增加，因為停產期間庫存會增加。我們將繼續評估此事件對營運和財務的全面影響，並將於稍後提供 Langeloth 2026 年的營運指導。

I'll now pass it to Ryan to walk through our financial highlights for the quarter.

現在我將把發言權交給瑞恩，讓他來介紹本季的財務亮點。

Thanks, David. Slide 12 details our fourth quarter financial results. Adjusted net earnings in the fourth quarter were $83 million or $0.41 per share, which benefited from strong production at Mount Milligan and elevated metal prices. Key adjustments to net earnings include $145 million related to the noncash impairment reversal at Kemess, $17 million of unrealized loss on the financial assets related to the additional agreement with Royal Gold, and $35 million of deferred income tax adjustments, among other things. For the full year 2025, adjusted net earnings were $229 million or $1.12 per share.

謝謝你，大衛。第 12 張投影片詳細介紹了我們第四季的財務表現。第四季調整後淨利潤為 8,300 萬美元，即每股 0.41 美元，這得益於 Mount Milligan 礦的強勁產量和高企的金屬價格。淨收益的主要調整包括：與 Kemess 非現金減損轉回相關的 1.45 億美元；與 Royal Gold 達成的額外協議相關的金融資產未實現損失 1700 萬美元；以及遞延所得稅調整 3500 萬美元等。2025 年全年調整後淨收益為 2.29 億美元，即每股 1.12 美元。

In the fourth quarter, sales were over 68,000 ounces of gold and 12.5 million pounds of copper. The average realized price was $3,415 per ounce of gold and $4.69 per pound of copper, which incorporates the existing streaming arrangements at Mount Milligan.

第四季度，黃金銷量超過 68,000 盎司，銅銷量超過 1,250 萬磅。黃金的平均實現價格為每盎司 3,415 美元，銅的平均實現價格為每磅 4.69 美元，其中包括 Mount Milligan 現有的流式交易安排。

Approximately 3.6 million pounds of molybdenum were sold in the fourth quarter at the Langeloth facility at an average realized price of $2.78 per pound. Consolidated all-in sustaining costs on a byproduct basis in the fourth quarter were $1,646 per ounce. Full year 2025 all-in sustaining costs on a byproduct basis to $1,614 per ounce, outperforming the guidance range.

第四季度，蘭格洛斯工廠售出了約 360 萬磅鉬，平均實現價格為每磅 2.78 美元。第四季副產品綜合維持成本為每盎司 1,646 美元。2025 年全年副產品維持成本總計為每盎司 1,614 美元，超出預期範圍。

Slide 13 shows our financial highlights for the quarter. In the fourth quarter, we generated strong cash flow from operations of $103 million and free cash flow of $12 million, driven by strong operational performance at Mount Milligan and Oksut as well as elevated metal prices.

第 13 張投影片展示了我們本季的財務亮點。第四季度，我們實現了強勁的經營現金流，達到 1.03 億美元，自由現金流達到 1200 萬美元，這主要得益於 Mount Milligan 和 Oksut 礦區的強勁營運表現以及金屬價格的上漲。

In the fourth quarter, Mount Milligan generated $85 million in cash from operations and $54 million in free cash flow. Oksut generated $57 million in cash from operations and $44 million in free cash flow. The molybdenum business unit used $15 million of cash and operations and had a free cash flow deficit of $61 million this quarter, mainly related to spending on the Thompson Creek restart and a working capital increase at Langeloth.

第四季度，Mount Milligan 的經營活動產生了 8,500 萬美元的現金，自由現金流為 5,400 萬美元。Oksut公司透過經營活動產生了5,700萬美元現金，自由現金流為4,400萬美元。鉬業務部門本季使用了 1500 萬美元的現金和營運資金，自由現金流缺口為 6,100 萬美元，主要與湯普森溪重啟項目的支出以及蘭格洛斯公司的營運資金增加有關。

In the full year 2025, we generated $349 million in cash from operations and $95 million of free cash flow. Returning capital to shareholders remains a key pillar in our disciplined approach to capital allocation. In the fourth quarter, we repurchased 2.3 million shares for a total consideration of $30 million, a record level of quarterly buybacks and we continue to believe that repurchasing our shares is an accretive high return use of a $94 million in buybacks, which equates to about 5% of our outstanding shares and $41 million in dividends.

2025 年全年，我們從經營活動中產生了 3.49 億美元的現金，自由現金流為 9,500 萬美元。向股東返還資本仍然是我們嚴謹的資本配置方法中的關鍵支柱。第四季度，我們以 3000 萬美元的總對價回購了 230 萬股股票，創下了季度回購的紀錄。我們仍然相信，回購股票是一種增值且高回報的手段，我們已投入 9,400 萬美元進行回購，這相當於我們流通股的約 5% 和 4,100 萬美元的股息。

A key focus for Centerra is returning capital to shareholders, and we expect to remain active on the share buybacks dependent on market conditions. At the end of the year, our cash balance was $529 million, bringing total liquidity to $929 million.

Centerra 的一個重點是向股東返還資本，我們預計將根據市場情況繼續積極進行股票回購。截至年底，我們的現金餘額為 5.29 億美元，使總流動資金達到 9.29 億美元。

We also hold over $115 million in equity investments. This strong financial position gives us the flexibility to fully fund our organic growth projects at Mount Milligan, Goldfield, Kemess, and Thompson Creek while continuing to return capital to shareholders.

我們也持有超過1.15億美元的股權投資。強大的財務狀況使我們能夠靈活地為 Mount Milligan、Goldfield、Kemess 和 Thompson Creek 的有機成長項目提供充足的資金，同時繼續向股東返還資本。

Slide 14 shows our 2026 outlook. This year, we expect to produce between 250,000 and 280,000 ounces of gold on a consolidated basis. Copper production is expected to be between 50 million and 60 million pounds.

第 14 張幻燈片展示了我們對 2026 年的展望。今年，我們預計綜合產量將達到 25 萬至 28 萬盎司黃金。預計銅產量將在5000萬至6000萬磅之間。

The guidance ranges are focused on executing on the PFS mine plan at Mount Milligan and consistent operational performance at Oksut. Gold production and sales at Mount Milligan are expected to be higher in the second and third quarters of 2026, reflecting planned line sequencing with approximately 20% of full year gold production expected in the first quarter of the year. 2026 consolidated all-in sustaining costs are expected to be between $1,650 and $1,750 per ounce.

指導範圍的重點是執行 Mount Milligan 礦山的 PFS 礦山計劃和 Oksut 礦山的持續營運績效。預計2026年第二季度和第三季度，米利根山金礦的黃金產量和銷量將有所增長，這反映了計劃中的生產線順序，預計全年黃金產量的約20%將在第一季度實現。 2026年綜合維持成本預計在每盎司1,650美元至1,750美元之間。

We are committed to protecting and expanding margins through disciplined cost management and continuous operational initiatives at Mount Milligan. Sustaining capital expenditures in 2026 are expected to be $85 million to $105 million and non-sustaining capital expenditures are expected to be $260 million to $350 million across our growth project pipeline.

我們致力於透過嚴格的成本管理和持續的營運措施來保護和擴大 Mount Milligan 的利潤率。預計 2026 年的維持性資本支出為 8,500 萬美元至 1.05 億美元，非維持性資本支出預計為 2.6 億美元至 3.5 億美元，涵蓋我們所有成長項目。

This includes approximately $190 million to $220 million for the restart of operations at Thompson Creek between $30 million and $40 million at Goldfield focused on launching long lead procurement and initiating site establishment works, and $35 million to $45 million at Mount Milligan for haul truck additions and buttress foundation construction for the tailing storage facility.

其中包括約 1.9 億至 2.2 億美元用於湯普森溪的重新運營；3000 萬至 4000 萬美元用於戈爾德菲爾德，重點是啟動長週期採購和啟動場地建設工作；以及 3500 萬至 4500 萬美元用於米利根山尾礦庫的運輸卡車擴建和支撐基礎建設。

We continue to invest in exploration. This year, we expect to spend between $40 million and $50 million on exploration, including $20 million to $25 million on brownfield exploration and $20 million to $25 million on greenfield and generative exploration programs.

我們將繼續加大探勘投入。今年，我們預計將在勘探方面投入 4,000 萬至 5,000 萬美元，其中包括 2,000 萬至 2,500 萬美元用於棕地勘探，以及 2,000 萬至 2,500 萬美元用於綠地和生成性勘探項目。

Over 90% of exploration expenditures are expected to be expensed. We expect our operations to continue generating strong cash flow in 2026 and providing the financial flexibility to advance our growth product pipeline while returning capital to shareholders.

預計超過90%的勘探支出將被計入費用。我們預計公司營運將在 2026 年繼續產生強勁的現金流，並提供財務靈活性，以推進我們的成長產品線，同時向股東返還資本。

I'll pass it back to Paul for some concluding remarks.

我將把發言權交還給保羅，讓他做總結性發言。

Thanks, Ryan. We're very pleased with our performance in 2020 and reflecting strong operational execution, disciplined cost control, and assets that continue to generate meaningful free cash flow. Our balance sheet strength and consistent cash generation give us the flexibility to self-fund an attractive pipeline of low-risk, value accretive growth will continue to return capital to shareholders.

謝謝你，瑞恩。我們對 2020 年的業績非常滿意，這反映了我們強大的營運執行力、嚴格的成本控制以及持續產生可觀自由現金流的資產。我們穩健的資產負債表和持續的現金流使我們能夠靈活地為一系列具有吸引力的低風險、增值成長項目提供自籌資金，並將繼續為股東帶來資本回報。

With a stable operating base, a clear line of sight to grow that Mount Milligan, Kemess, Goldfield, and Thompson Creek, and a disciplined approach to capital allocation, we believe Centerra is well positioned to deliver sustainable value for shareholders in 2026 and beyond.

憑藉穩定的營運基礎、清晰的發展規劃（包括 Mount Milligan、Kemess、Goldfield 和 Thompson Creek），以及嚴謹的資本配置方法，我們相信 Centerra 已做好充分準備，在 2026 年及以後為股東創造可持續的價值。

And with that, operator, we're going to open the call to questions, please.

接線員，接下來我們將開始接受提問。

(Operator Instructions) Luke Bertozzi, CIBC.

（操作說明）Luke Bertozzi，CIBC。

Hey, Paul and team. Thanks for taking my questions. I'd like to begin with the Langeloth suspension. During the shutdown, I understand inventories and working capital are expected to build. How much more concentrate has already been contracted for purchase in Q1 and Q2 2026?

嗨，保羅和團隊。謝謝您回答我的問題。我想先從蘭格洛斯懸吊說起。據我了解，在停工期間，庫存和營運資金預計會增加。2026 年第一季和第二季已簽訂的濃縮物採購合約數量是多少？

Hey, Luke. I'll pass it over to Ryan.

嘿，盧克。我把它交給瑞恩。

Hey, Luke. Good morning. I don't want to get into the necessary details on concentrate purchases. If you think of last year's volumes, which was about 14 million to 15 million pounds, we were stepping up slightly from there. So that can give you a bit of a range. But you're right, we're going to continue to purchase concentrate during the shutdown. So there will be an associated inventory build over the next couple of months.

嘿，盧克。早安.我不想贅述濃縮物購買的必要細節。如果回顧去年的銷量，大約是 1400 萬到 1500 萬英鎊，我們今年的銷量比去年略有增長。這樣可以提供你一個大致的範圍。但你說得對，停工期間我們將繼續採購濃縮液。因此，未來幾個月將會出現相應的庫存增加。

I see. And do you think there's any flexibility from some of those suppliers or opportunities to temporarily reroute the concentrate?

我懂了。您認為這些供應商中是否有任何彈性，或者是否有機會暫時改變濃縮物的運輸路線？

Yeah. We're looking at all of that, right? We're working with our customers, obviously, our downstream customers to try to find solutions. We're going to be looking at what we do with the concentrate. But our commercial team is working at trying to find the right solution there.

是的。我們正在考慮所有這些因素，對吧？我們顯然正在與我們的客戶，也就是我們的下游客戶合作，努力尋找解決方案。我們將研究如何處理濃縮液。但是我們的商務團隊正在努力尋找合適的解決方案。

There probably is homes for that concentrate, but we have to decide on what we're going to do with it and what our customers need eventually once we restart before we decide to move any concentrate or anything like that. So it is a dynamic situation. I think we're evaluating it day by day here and we're going to do what's best for the company and for our customers there.

這種濃縮物或許有歸宿，但我們必須先決定如何處理它，以及一旦我們重新開始，我們的客戶最終需要什麼，然後再決定是否要轉移任何濃縮物或其他類似的東西。所以情況瞬息萬變。我認為我們正在每天評估情況，我們將做出對公司和客戶最有利的決定。

Yeah. Okay. Thanks. Shifting to Mount Milligan. There's a mention of water management projects in 2026. Can you elaborate the scope of some of those projects? And are they largely onetime in nature? Or should we expect them to continue into 2027?

是的。好的。謝謝。搬到米利根山。文中提到了2026年的水資源管理專案。您能否詳細介紹一下其中一些項目的範圍？它們大多是一次性的嗎？或者我們應該預期這種情況會持續到 2027 年？

Dave can take that one.

戴夫可以接下這個任務。

Yeah. Hi, Luke. So the water work is something that's continuously ongoing. We're always replacing pumps, making sure we have the right pieces at the right amount of water coming in. And so it's a constant bit of work there. The capital this year is maybe a little bit higher than past years, but it's not substantially so. It's almost more of a sustaining piece. And I think there's one new set of a well field that we're putting in this year, that would be the exception to that rule, but it's pretty much normal business of what we're doing with the water this year.

是的。嗨，盧克。所以供水工程是一個持續進行的專案。我們一直在更換水泵，確保使用合適的零件，並保證進水量充足。所以，那方面需要持續不斷地付出努力。今年的資本可能比往年略高，但高出幅度不大。它幾乎更像是一件維持生命的作品。我認為今年我們新建的一組井場是個例外，但這與我們今年用水的情況基本一致。

Okay. Great. Well, congrats on the solid quarter and stable outlook. Thanks for your time. Have a good day.

好的。偉大的。恭喜貴方取得了穩健的季度業績和穩定的前景。感謝您抽出時間。祝你有美好的一天。

Thanks, Luke.

謝謝你，盧克。

Jeremy Hoy, Canaccord Genuity.

Jeremy Hoy，Canaccord Genuity。

Hi. Thanks for taking my questions. Mine is on MS on the PFS. Do you envision this being an updated PEA with tightened assumptions around OpEx and CapEx and additional technical work? Or is there an opportunity to potentially bring in additional resources if there's success on the exploration front and the conversion front?

你好。謝謝您回答我的問題。我的系統是 PFS 上的 MS。您是否設想這是一份更新版的初步經濟評估報告，其中對營運支出和資本支出的假設更加嚴格，並增加了技術工作？或者，如果勘探和轉化方面都取得成功，是否有機會引入更多資源？

Well, the purpose of the PFS that we've already launched here is to tighten up our assumptions, advance the engineering, and importantly, get going on some of the environmental work that will be ultimately required for some of the permitting.

我們已經啟動的初步可行性研究的目的是為了完善我們的假設，推進工程設計，更重要的是，著手進行一些最終獲得許可所需的環境工作。

In terms of the resource, I think what you're referring to is the PEA mines out not even half of the total resource. We will, of course, look to tighten up some of the drilling move over more from inferred to indicated.

就資源而言，我認為你指的是初步經濟評估（PEA）所開採的資源量甚至不到總資源量的一半。當然，我們會努力收緊一些鑽井作業，將更多推斷的儲量轉換為指示儲量。

But in terms of the scope of the mine plan, we're quite happy with the 15-year mine life that we have. And as the years go by, and we do more drilling, we would look to expand the mine plan, but that is not the main objective of the PFS. The main objective of PFS is to put forward a robust set of engineering and economics on the mine plan that was communicated in the PEA and leaving upside for the future.

但就礦山計畫的範圍而言，我們對15年的礦山壽命相當滿意。隨著時間推移，我們進行更多鑽探，我們將考慮擴大礦山計劃，但這並不是初步可行性研究的主要目標。PFS 的主要目標是提出一套穩健的礦場計畫工程和經濟方案，該方案已在 PEA 中提出，並為未來留有發展空間。

I mean, at the end of the day, a 15-year mine life is a really good starter plan, and we will look for additions to that beyond the initial phase of execution.

我的意思是，歸根結底，15 年的礦山壽命是一個非常好的開始計劃，我們將在初始執行階段之後尋求增加礦山壽命。

Perfect. Appreciate the color. I'll step back in queue.

完美的。欣賞這種顏色。我重新排隊。

Thanks.

謝謝。

Don DeMarco, National Bank.

唐‧德馬科，國家銀行。

Thank you, operator, and good morning, Paul and team. Thanks for taking the question. So Paul, I saw the CapEx increase at Thompson Creek and a range is provided. So what represents the lower and the upper end of this range? And is the CapEx to restart subject to potential further increases? Or do you have fixed price contracts or other mechanisms in place that might mitigate future increases?

謝謝接線員，早安，保羅和團隊。感謝您回答這個問題。所以保羅，我看到了湯普森溪的資本支出增加，並且給了一個範圍。那麼，這個範圍的下限和上限分別是多少呢？重啟所需的資本支出是否會進一步增加？或者，你們是否有固定價格合約或其他機制來緩解未來價格上漲的問題？

That increase was driven by a whole grab bag of different factors, and Ryan can detail how we worked out that increased estimate.

這一增長是由一系列不同的因素造成的，瑞恩可以詳細說明我們是如何得出這一增長估計的。

Yeah. Hi. I think as Paul mentioned, there's a whole host of things in there. A little bit of that is inflation, a little bit of it is extra maintenance on our equipment. There's not a huge amount of physical equipment being purchased that, that you need to lock in on fixed-price contracts. We are obviously starting to now refurbishment. We have been signing some of the long-term contracts related to that.

是的。你好。我認為正如保羅所提到的那樣，裡麵包含了很多東西。其中一部分是通貨膨脹，一部分是設備額外的維護費用。目前並沒有大量需要購買的實體設備，因此也不需要簽訂固定價格合約。我們現在顯然已經開始翻新了。我們一直在簽署一些與此相關的長期合約。

But a lot of this CapEx number is the actual mining and stripping, right? And that's impacted by how quickly you're able to mine, maintenance on your equipment, labor and things like that. And so it's tough to exactly fix that number. That's why we gave a range to take into account the variability on the ongoing cost to do the stripping. But I don't think there's big changes in physical equipment costs that are going to impact that.

但這些資本支出中很大一部分是實際的採礦和剝離費用，對吧？而這會受到你的採礦速度、設備維護、勞力等因素的影響。因此，很難準確地確定這個數字。因此，我們給出了一個範圍，以考慮到剝離作業持續成本的變化。但我認為實體設備成本不會發生重大變化，從而對此產生影響。

Okay. Great. Thanks for that. So second question then. So you're showing strong cost discipline, both in finishing below the lower end of the full year guidance last year and with only modest year-over-year cost increases in 2016, whereas we see sector peers trending much higher in some cases. So broadly speaking, what underlies your cost performance across your portfolio and the cost discipline that you're showing into '26?

好的。偉大的。謝謝。那麼，第二個問題。因此，你們展現了強大的成本控制能力，去年不僅低於全年預期下限，而且 2016 年的成本同比增幅也十分溫和，而我們看到，在某些情況下，同行業其他公司的成本增長趨勢要高得多。總的來說，是什麼因素支撐著您整個投資組合的成本績效，以及您在 2026 年展現的成本控制能力？

If we start with Mount Milligan, which is the main part of our stability and costs, we have, as you know, been working on a site-wide optimization program over the last couple of years, and that has yielded really good cost discipline and cost control. The challenges in the past of Mount Milligan have been more great in recovery related while our efforts on cost control have proceeded very well.

如果我們從米利根山開始說起，它是我們穩定性和成本的主要來源，正如您所知，在過去的幾年裡，我們一直在進行全廠範圍的優化計劃，這帶來了非常好的成本紀律和成本控制。過去，芒特米利根麵臨的挑戰主要集中在災後重建方面，而我們在成本控制方面的努力則進展得非常順利。

The other benefit we're getting is on the byproduct from copper and the strong copper prices have benefited us at Mount Milligan and with copper trading well above $4 here, that will continue. But it's, first and foremost, strong discipline on operating performance.

我們從銅的副產品中獲得的另一個好處是，強勁的銅價使我們在米利根山受益匪淺，而且由於這裡的銅價遠高於 4 美元，這種情況還會持續下去。但首先，也是最重要的，是對營運績效的嚴格把控。

On Oksut, I'll remind you of something that Dave said in his prepared remarks, a big part of the ASIC is, in fact, a royalty that is being paid at the higher gold price. So it's -- it comes with the significant margin expansion with a higher gold price. But because of the royalty scale, we are paying now a significant per ounce royalty cost at Oksut.

關於奧克蘇特，我想提醒大家戴夫在事先準備好的演講稿中說過的一件事，ASIC 的很大一部分實際上是按較高金價支付的特許權使用費。所以——隨著金價上漲，利潤空間也隨之大幅擴大。但由於特許權使用費的計算方式，我們現在在奧克蘇特礦場每盎司礦產支付的特許權使用費成本相當高昂。

Okay. Thanks for that color. That's all for me. I'll go step back in the queue.

好的。謝謝你提供的顏色。我就說這些了。我還是回到隊伍後面去吧。

Thanks, Don.

謝謝你，唐。

(Operator Instructions) Brian MacArthur, Raymond James.

（操作說明）布萊恩·麥克阿瑟，雷蒙德·詹姆斯。

Brian, your line may be on mute.

布萊恩，你的線路可能處於靜音狀態。

Sorry. Good morning. Can you hear me now?

對不起。早安.現在能聽到我說話嗎？

Yes. Hey, Brian.

是的。嘿，布萊恩。

Sorry. Good morning. Thank you for taking my question. Paul, over the last few years, you've done a good job of highlighting internal growth, whether it's Goldfield, extending Mount Milligan, Kemess. The other thing that's still sitting there is the Endako mill. Given there's a lot of people wanting to build things at the moment in the world, is there any update on how you may be able to highlight some value there going forward? Thank you.

對不起。早安.感謝您回答我的問題。保羅，在過去的幾年裡，你很好地突出了內部增長，無論是 Goldfield、擴建 Mount Milligan 還是 Kemess。還有一件東西仍然放在那裡，那就是 Endako 磨粉機。鑑於目前世界上有很多人都想創業，您能否就如何在未來突出這方面的價值方面提供一些最新進展？謝謝。

Well, I think you know Endako better than most. It still has a substantial molybdenum resource and a world-class process plant. Our current strategy is to proceed and reopen the Thompson Creek mine, feed Langeloth with concentrate from there. And our current strategy has Endako coming online after Thompson Creek mined out. So we're talking 10 years before that comes online.

我覺得你比大多數人都更了解Endako。該地區仍然擁有豐富的鉬資源和世界一流的加工廠。我們目前的策略是繼續推進並重新開放湯普森溪礦，從那裡向蘭格洛斯礦供應精礦。我們目前的策略是在湯普森溪礦場開採完畢後，讓恩達科礦場投產。所以，我們說的是距離它上線還有 10 年的時間。

As conditions change, we may reassess that, but the current strategy is to not do anything at Endako until Thompson Creek has been mined out.

隨著情況的變化，我們可能會重新評估，但目前的策略是在 Thompson Creek 礦藏開採完畢之前，不會在 Endako 進行任何開採活動。

Would you be willing to sell the mill to someone else?

你願意把磨坊賣給別人嗎？

Well, at the right price, we might consider it.

如果價格合適，我們或許會考慮。

Right. Thank you very much for the update.

正確的。非常感謝您提供的最新資訊。

Thanks, Brian.

謝謝你，布萊恩。

(Operator Instructions) This concludes the question-and-answer session and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

（操作員指示）問答環節和今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。